RHP trade ideas
Bearish technicals with resistance at $60.27The up-trending support channel, the 0.236 fib and the 50 day Simple Moving Average have all been broken. These levels are now acting as resistance and there is currently no support for RHP at the current level. The RSI is not only extremely weak but it has diverged from the previous uptrend which indicates underlying weakness. The DMI(-) has spiked and the MACD is no where near crossing, further indicating that the bottom of this move has not yet been reached. A target at the 0.382 fib or $56.41 is an appropriate target and a stop above the down-trending resistance channel / 50 day SMA / 0.236 fib is also an appropriate stop loss for this set up.
